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Koss swings to profit in fiscal Q2

Koss Corp. said its normalized net income for the fiscal second quarter ended Dec. 31, 2014, amounted to 3 cents per share, compared with a loss of 7 cents per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $207,550, compared with a loss of $482,520 in the prior-year period.

The normalized profit margin rose to 2.7% from negative 7.4% in the year-earlier period.

Total revenue grew 7.9% year over year to $7.0 million from $6.5 million, and total operating expenses decreased 8.1% on an annual basis to $6.7 million from $7.3 million.

Reported net income totaled $165,590, or 2 cents per share, compared to a loss of $3.5 million, or a loss of 47 cents per share, in the year-earlier period.